5 BEST Debit Cards of 2024 (No Fees, High APY, and Amazing Perks!)

this is a debit card and you already know what it does but did you know that not all debit cards are equal in fact some debit cards have perks that are as good as some credit cards and of course are capable of what credit cards can't really do which apparently is pulling out cash and some other things we all need a debit card so today I have four of what I think are the best debit cards on the market plus a special honorable mention at the end I have broken them down by their uniqueness and have done some in-depth research so that you can have a more well-rounded idea about their perks and potential drawbacks so let's get started but first let's take a quick moment to please like And subscribe I would really love it if more people could watch my videos thanks in advance so the first card on the list is the Discover cashback debit card and this one wins for all round cashback benefits and here's why for one you can start earning 1% cash back and up to $3,000 in debit card purchases each each month which is like getting $30 back or $360 back a year so it is a bit rare to see any kind of benefits with debit cards especially cash back benefits and you can redeem the cash back by either manually transferring it into your checking savings or money market account with discover or you can enroll an auto Redemption where discover will automatically transfer the cash back into your preferred Discover account next let's talk about the fees so in order to get a debit card you have to get a checking account so there is basically no fees with the discovered checking account there's no minimum balance or activity requirements and no fees for insufficient funds sometimes banks will require you to make minimum deposits on a monthly basis or require you to keep a balance in your account but with this discover checkin account it doesn't have any of these requirements it's pretty hassle-free next let's talk about ATF M because somehow you need to pull out money with this debit card so with the discovered debit card you have access to over 60,000 no ATMs in America most of them are at all point or 71s which are fairly easy to find next let's talk about interest rate because you have that checking account how much interest rate are you going to be getting so we actually don't have much to speak about when it comes to discover's checking account but when we're talking about the savings account it's pretty competitive as you can get up to 4.3% apy so that gives you the flexibility to keep your cash somewhere while earning decent interest number two on the list is the AMX debit card and this card wins for their points benefits to combine with MX credit cards and also their High checking apy so if you already have MX credit cards it might be a good idea to also get an MX debit card so you can earn one point for every $2 you spend in elg ible debit card purchases so you can use these points the same way as your normal MX credit card points where you can accumulate them and then redeem them for things like flights that way if you have both the MX debit card and then MX credit cards you can easily accumulate and then funnel them into your account and then get great travel redemptions and speaking of their checking account you can earn 1% apy which is 10 times higher than the national rate it's pretty rare to get interest in a checking account so it's pretty big that MX has this so if you need your cash to sit in this checking account it's going to be a little bit better than if it were to sit in a different checking account and talking about fees this MX checking account is pretty fee free as you don't have any fees to open no minimum deposit and no monthly fees also AMX has topnotch customer service so if you have any issues with your card they're there to help 24/7 finally talking about ATMs so you can withdraw cash from over 30,000 ATMs in America with the AMX debit card most of which are at money pass ATMs and I found those to be pretty easy to find as well the third card on this list is the Sofi debit card which wins for high apy and cash back benefits Sofi bank has been known for their high yield savings account which can get you up to 4.6% yield that alone may make you think of opening an account with them but the debit card has some perks as well as you can get up to 15% cash back at qualifying local businesses and I was looking at their site and it seems like you do need to physically claim the cashback reward in the app it's not something automatic and soofi Bank does have a welcome bonus so you can get up to $300 when you open a checking account and set up a direct deposit of $5,000 in the first 30 days of opening the account or you can get a $50 welcome bonus if you deposit $1,000 I'll put the link in the description if you're interested and I want to take a moment to say that when you open a Sofi account you are getting both a checking and a savings account which then comes with a debit card so you cannot open a standalone account such as a single checking account so that's good to keep in mind and next let's talk about the fees so there's actually not many fees with Sofi but they will charge you a fee if you make a cash deposit which is like $5 and there is a catch to getting the high apy in their savings account so in order to get the full 4.6% apy in the savings you need to have a minimum deposit of $5,000 every 30 days in your account if not then you will only earn 1.2% apy and that's basically the penalty at least it's not in the form of fees and there is no minimum balance requirements and finally let's talk about the ATMs so you do get a variety of no fee ATMs to withdraw cash from with the Sofi debit card most of them are at All Point ATMs the fourth card on this list is the Charles Schwab debit card and this card wins for travel and top-notch convenience so this is the Char schwap debit card and there's a few reasons why I put it on this list and I do think that it is a competitive debit card to not Overlook now this debit card it doesn't have any cash back or points benefit to look at so why else would I put it on this list I put it here because of its National and Global flexibility so you can actually take this debit card to any ATM that accepts Visa or Mastercard and you won't have to pay any fees to withdraw cash so let's say you go to Japan and you need cash because the country doesn't accept credit cards as much as in America well you're in luck because you can go to any ATM basically without a thought and get your money and you're good by the way when you withdraw cash from ATMs you're going to be getting the best exchange rate so you don't need to worry about that let me dig a bit deeper into how the whole withdrawing from ATMs looks like actually what happens is when you use the debit card to withdraw cash from an ATM the ATM will tell you that they will charge a fee let's say $5 a few weeks later after you got your money Charles Schwab will deposit that $5 back into your account so that's why I think this card is really competitive because of all the cards that I mentioned above they're pretty Limited in terms of which ATMs you can use and how you can even use them to travel abroad or you're just paying fees also with the Charles Schwab checking account there is not many fees as well you don't need to worry about keeping a minimum balance in your account and you don't need to make minimum monthly deposits and as for interest in the checking account it's not much to speak about you do get a 0.45% which is better than what Chase gives you which which is like 0.01% so it's not too bad also you can deposit checks by either using ATMs or you can use the Charles Schwab app finally number five which is our honorable mention on this list the Capital One debit card this one wins for covering what the other cards don't have so one major thing to mention about the above four debit cards on this list is making cash deposits isn't really a thing except for Sofi Bank where you can make a cash deposit but you have to pay a fee you can't even do that with the other debit cards on this list which brings me to our honorable mention the capital 1 debit card so you can make cash deposits with this card at a variety of fee-free ATMs which includes Wallgreens Dwayne Reed CVS Capital 1 Banks and capital 1 cafes you also have access to all point and 711 ATMs but you can't make cash deposits there so even though this card doesn't have any kind of cash cash back or points perks it is sometimes necessary to deposit cash somewhere and while you can do that with other debit cards let's say the Chase Bank or Bank of America a lot of these Banks require you to keep a minimum balance and I just don't want to keep $2,000 sitting somewhere and speaking of the capital 1 360 checking account has very little fees so you don't need to keep a minimum balance on the account there's no requirements on monthly deposits there's no monthly fees or even minimum opening deposits but you do need to make some sort of deposit within the first 60 days of opening the account or else they will close your account and then interest rates aren't too bad either so for the checking you get a 0.1% apy but for their savings account you can get 4.35% apy so what I can say is the best debit card really depends on you and you don't have to stick to Only One debit card you can open multiple checking accounts if that's what suits you better you can have the Char schwap debit card for travel and then you can have the AMX debit card to make points on your purchases whatever works for you so let me know did I miss any debit cards or do you have any thoughts about the cards that I mentioned above thank you so much for watching and again please subscribe and give this video a like and I'll see you in another video [Music] bye